Hong Kong Police Arrest Six Linked To Suspended Crypto Exchange JPEX


19 Sep 2023 12:08 AM

Six individuals linked to halted cryptocurrency exchange JPEX arrested by Hong Kong Police amid fraud complaints totaling $128M USD....

  • The Hong Kong Police have arrested six individuals associated with cryptocurrency exchange JPEX following numerous fraud complaints.
  • Two of the arrested individuals are popular YouTube influencers who allegedly promoted JPEX to their online audiences.
  • Authorities have received 1,408 complaints accusing JPEX of fraudulent activities, involving approximately HK$1 billion (USD $128 million).
  • The Hong Kong Securities and Futures Commission (SFC) issued a warning about JPEX's lack of a valid license and alleged lack of intent to apply for one.
  • JPEX claimed unfair treatment compared to other exchanges in the region and announced its preparation to comply with regulatory requirements.
  • JPEX abruptly halted its services, citing a liquidity shortage caused by third-party market makers.

The article highlights the negative aspects surrounding JPEX, including the arrests, fraud complaints, lack of a valid license, and abrupt service halt. The sentiment is predominantly negative.

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You May Ask

How many people associated with JPEX were arrested by the Hong Kong Police?Who are the two known YouTube influencers arrested in connection with JPEX?How many fraud complaints have been filed against JPEX?What is the approximate value of the fraudulent activities reported?What was the primary basis for the warning issued by the Hong Kong Securities and Futures Commission regarding JPEX?

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